During the deliberations, Congresswoman Melissa Bean (D-8), a moderate and vice chair of the New Democrat Coalition, had considered introducing a blanket preemption of all state consumer laws and enforcement for national banks, but backed down under pressure from constituents, fellow Democrats, and Chairman Barney Frank.

However, several amendments designed to weaken the bill were adopted by the committee, whose members have received considerable campaign contributions.   During mark-up, a provision was added to allow the Office of the Comptroller of the Currency to preempt state laws on a case-by-case basis under certain conditions.  Another harmful amendment exempted auto dealers from CFPA oversight. 

Woodstock Institute appreciates the efforts of constituents who weighed in on this process and will continue to monitor the progress of this legislation ensure that consumers received the strongest possible advocate in this new agency.